Bank of America Intensifies Hiring Amid Surge in Demand for Business Bankers

Large banks are increasingly recognizing the potential of business owners, who provide opportunities across personal banking, wealth management, employee benefits, and more. Competitors such as Wells Fargo, U.S. Bank, and Capital One are also looking to expand their presence in this sector, highlighting the competitive landscape.

Miller emphasized the importance of attracting and retaining talent in this challenging environment. BofA focuses on developing talent from within, training business solutions advisers at its branches to build relationships with business clients. She stated, “Where we can hire someone that already knows our systems…that’s a good thing for us.”

The bank has approximately 3.4 million small and midsize clients, generating up to $50 million in annual revenue. Though Miller did not disclose the number of bankers hired this year, she mentioned ongoing evaluations of staffing levels and the hiring of relationship managers, particularly in the top 20 U.S. markets by GDP.

BofA, which has $3.5 trillion in assets, is also recruiting centralized business advisers to assist clients in areas without a physical branch. As of November, the bank employed about 2,125 business solution advisers, relationship managers, and senior relationship managers.

The bank aims to increase its business client share to 30% in the markets it serves, improving from a current average of 27.6% compared to 27% in November 2025. Key performance indicators for BofA include loan and deposit growth and client favorability.

As the leading small-business lender for approximately five years, BofA faces pressure from various banks, particularly larger and regional institutions. In response, it seeks to enhance its speed to market through investments in AI technology, which helps to accelerate underwriting processes. For example, an AI tool currently reduces paperwork processing time from three hours to just 15 minutes, with plans to extend this tool across the business by 2027.

Miller underscored the significance of personal interaction in new market expansions, citing Omaha, Nebraska, as an example where building relationships is crucial for client acquisition. She stated, “We’ve got to build those relationships. It takes time.” Despite advancements in digital tools, personal connections remain vital.

The bank continues to prioritize client outreach by sending representatives to meet potential clients in person. Miller reinforced the importance of understanding clients' needs during these interactions, stating, “People want that connection.”

To differentiate itself from competitors, BofA is also focusing on investments in cash management and money movement tools, areas where few competitors can match its offerings.